The Federation of Bangladesh Chambers of Commerce and Industry on Sunday said that the Bangladesh Bank should ensure sufficient money supply and set investment-friendly interest rate for implementing the monetary policy for first half of FY 2015-16. The FBCCI in a statement said that the BB needed to concentrate on reducing the bank interest rate and government borrowing from the banking sector. ‘Currently the bank rates are high and the banks are also charging on various purposes in uncoordinated fashion which is increasing the cost of doing business. If the interest rate remains high then the investment will be deterred. The interest rate should be lowered to cost of fund plus 2.5 per cent,’ it said. It also said that the central bank should prioritise lending to manufacturing sector and also strengthen the monitoring. ‘Because of the political unrest in the beginning of the year along with lack of infrastructure and high interest rate the investment scenario is not in the desired level. The private sector credit growth is also lower. The business people need gas and power connections also,’ said the apex trade body. The FBCCI also appreciated the BB’s stance against government’s high bank borrowing and move to tackle inflation in the monetary policy.
